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BEA142

Quantitative Economic Analysis

Semester 1, 2015

THIS UNIT IS BEING OFFERED IN

HOBART

Unit Coordinator: Dr Jing Tian

CRICOS Provider Code: 00586B

BEA142 Quantitative Economic Analysis, Unit Outline, S1, 2015

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Contents

Contact Details ........................................................................................................................................ 2

Unit Description ...................................................................................................................................... 3

Prior Knowledge &/or Skills OR Pre-Requisite Unit(s) ............................................................................ 3

Enrolment in the Unit ............................................................................................................................. 3

Intended Learning Outcomes and Generic Graduate Attributes ............................................................ 4

Learning Expectations and Teaching Strategies/Approach .................................................................... 5

Learning Resources ................................................................................................................................. 5

Student Feedback via eVALUate ............................................................................................................. 7

Details of Teaching Arrangements .......................................................................................................... 7

Assessment ............................................................................................................................................. 9

Review of Assessment and Results ....................................................................................................... 11

Further Support and Assistance ............................................................................................................ 13

Academic Misconduct and Plagiarism .................................................................................................. 13

Study Schedule ...................................................................................................................................... 15

Contact Details

Lecturer Dr Jing Tian Tutor Mr Nick Ham

Campus Hobart Campus Hobart

Room Number 412, Commerce Bdg Room Number 425, Maths and Physics Bdg

Email Jing.Tian@utas.edu.au Email Nicholas.Ham@utas.edu.au

Phone 03 62262323 Consultation

Time

By appointment

Consultation

Time

Wednesday 3:00 – 3:55pm

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Unit Description

This unit provides students with a variety of quantitative techniques that help them to analyse problems from the modern economic practice to everyday life. The unit also assists business/economics students to acquire necessary quantitative knowledge and techniques that are required in their subsequent studies in economics at UTAS. The unit delivers the mathematical techniques with applications in economics; for example, consumer’s utility maximisation and firm’s profit maximisation.

The unit is a compulsory unit for the Bachelor of Economics and combined Economics degrees being a compulsory introductory unit in both the Economic Analysis and Economic Foundations major. The unit is a prerequisite for students planning to do honours in economics or finance.

Prior Knowledge &/or Skills OR Pre-Requisite Unit(s)

It is expected that students are familiar with basic concepts in mathematics, e.g. rules of algebra and graphs, and are able to conduct simple calculations, without using a calculator.

Enrolment in the Unit

Unless there are exceptional circumstances, students should not enrol in this unit after the end of week two of semester, as the Tasmanian School of Business and Economics (TSBE) cannot guarantee that:

any extra assistance will be provided by the teaching team in respect of work covered in the period prior to enrolment; and

penalties will not be applied for late submission of any piece or pieces of assessment that were due during this period.

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Intended Learning Outcomes and Generic Graduate Attributes

Intended Learning Outcomes

Assessment Methods Graduate Attribute Outcomes In this unit you will learn: In assessing this unit I will be looking at your ability to:

LO1: Use quantitative techniques appropriate for the analysis of issues and problems in economics

A1.1 Use algebra and graphs to analyse economic issues and problems In-tutorial Test, Mid-Semester Test, Final Exam

The assessments and teaching activities in this unit have been designed to develop the following graduate attributes in students: Knowledge – Reasonably detailed knowledge of:

Accounting concepts, techniques and processes

The legal, regulatory and conceptual framework as they relate to accounting and business practice from both the Australian and international context.

Problem Solving - The ability to:

Apply logical thinking & exercise judgement to a range of business related problems

Apply theoretical & technical accounting knowledge to solve routine accounting problems

Locate, analyse, evaluate and use information effectively and in a timely manner.

Communication & teamwork – The ability to clearly and accurately communicate:

Written information, considering audience needs.

Accounting advice & ideas in straightforward collaborative contexts.

Oral communication skills that enable positive participation in discussions.

A1.2 Use calculus to analyse economic issues and problems In-tutorial Test, Mid-Semester Test, Final Exam

A1.3 Apply rules of matrix algebra to conduct matrices calculations In-tutorial Test, Final Exam

LO2: Use economic modelling to analyse real world problems and human behaviour

A2.1 Extract key information from scenarios based on real world problems

Mid-Semester Test, Final Exam

A2.2 Recognise economics questions from scenarios based on real world problems

Mid-Semester Test, Final Exam

A2.3 Formulate economic problems and ideas in mathematical terms. Mid-Semester Test, Final Exam

A2.4 Demonstrate the inter-relationship between mathematical,

graphical and verbal arguments in economics. Mid-Semester Test, Final Exam

LO3: Interpret and communicate output from quantitative models

A3.1 Draw economic insights from solutions to mathematically

formulated economic models

Mid-Semester Test Final Exam

A3.2 Produce policy advice based on quantitative analysis Mid-Semester Test Final Exam

A3.3 Communicate quantitative information and findings Mid-Semester Test Final Exam

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Learning Expectations and Teaching Strategies/Approach

The University is committed to a high standard of professional conduct in all activities, and holds its commitment and responsibilities to its students as being of paramount importance. Likewise, it holds expectations about the responsibilities students have as they pursue their studies within the special environment the University offers. The University’s Code of Conduct for Teaching and Learning states:

Students are expected to participate actively and positively in the teaching/learning environment. They must attend classes when and as required, strive to maintain steady progress within the subject or unit framework, comply with workload expectations, and submit required work on time.

Occupational Health and Safety (OH&S) The University is committed to providing a safe and secure teaching and learning environment. In addition to specific requirements of this unit you should refer to the University’s policy at: http://www.utas.edu.au/work-health-safety/

Learning Resources

Pre-requisites/co-requisites units TCE MAP5C Mathematics Applied

(or equivalent or higher)

or

or

BEA109 Introduction to Quantitative Methods

UPP090 Bridging maths

Bridging Maths Program (UPP090 or BEA109)

Are you a student who has not completed TCE MAP5C Mathematics Applied or a higher level Mathematics subject or equivalent? If so, then you can enrol in Semester 1 2012, in either BEA109 Introduction to Quantitative Methods or UPP090 Bridging Maths.

What’s the difference between BEA109 and UPP090?

In BEA109 Introduction to Quantitative Methods there is a final exam and you will receive a grade in the unit. In UPP090 there is no final examination, and although you receive a grade, it is a non-award course. There are no fees attached to UPP090.

The benefit of completing the unit BEA109 is that you can count it towards one of the 24 units of your degree whereas as a non-award course UPP090 cannot be counted. However, UPP090 does count for 12.5% of a study load for AusStudy/AbStudy or International Student Load purposes.

For more information go to: Current Students link on the web and then choose Course and Units (Handbook). Search for either BEA109 or UPP090.

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Prescribed Text

The prescribed textbook will be available from the Co-op Bookshop or www.coop-bookshop.com.au:

Jacques, Ian, 2013, Mathematics for Economics and Business, 7th edn, Pearson, London.

This market-leading text teaches the basic mathematical skills required in undergraduate economics and finance. It has a friendly and informal style that breaks down topics into short sections making each new technique you learn seem less daunting. It offers you the chance at every opportunity to stop and check your understanding by working through the practice- problems; you can relax and learn at your own pace.

A brand new online learning resource, MyMathLab is available for this edition. A kit that enables you to register for 12 months access to resources is attached to each copy of the textbook. It is an online study and testing resource that generates a personalized study plan and provides extensive practice questions exactly where you need it.

See the Getting Started with MyMathlab section in the introduction for information on how to register and start using the resources.

The previous edition of this book was the prescribed text for this unit in the past. Second-hand copies may be purchased as an imperfect substitute. It covers the material in a similar way, but has fewer guided solutions, and practice problems, and does not come with access to MyMathlab.

Recommended Texts The lecture notes and the textbook (together with MyMathLab) should be sufficient. However, you may wish to read other texts to receive a different approach to a topic. These texts are available for loan in the library.

Sydsaeter, Knut & Hammond, Peter 2008, Essential Mathematics for Economic Analysis, Pearson, London.

Wainwright, K & Chiang, AC 2004, Fundamental Methods of Mathematical Economics, 4th edn, McGraw-Hill, Sydney.

Shannon, J 1995, Mathematics for Business, Economics and Finance, John Wiley & Sons, Brisbane.

My Learning Online (MyLO) This unit is web dependent, and access to the online MyLO unit is required. Log into MyLO at: http://www.utas.edu.au/learning-teaching-online and then select BFA142 Quantitative Economic Analysis from the list of units. For help using MyLO go to http://www.utas.edu.au/learning-teaching-online/new-mylo/home .

Technical requirements for MyLO

For help and information about setting up your own computer and web browser for MyLO, see: http://uconnect.utas.edu.au/

You can access the University network and MyLO via a laptop computer or other mobile device. See: http://uconnect.utas.edu.au/uana.htm

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MyLO can be accessed in the Library computers and in computer labs. See: http://www.utas.edu.au/it/computing-distributed-systems/computer-labs-facilities-and-locations

For further technical information and help, contact the UTAS Service Desk on 6226 1818 or at http://www.utas.edu.au/service-desk/

MyLO Expectations 1. Students are expected to maintain the highest standards of conduct across all modes of

communication, either with staff or with other students. Penalties may be imposed if the Unit Coordinator believes that, in any instance or mode of communication, your language or content is inappropriate or offensive. MyLO is a public forum. Due levels of respect, professionalism and high ethical standards are expected of students at all times.

2. Submission of assessment tasks via MyLO presumes that students have read, understood and abide by the requirements relating to academic conduct, and in particular, those requirements relating to plagiarism. All work submitted electronically is presumed to be “signed-off” by the student submitting as their own work. Any breach of this requirement will lead to student misconduct processes.

3. MyLO is an Internet service for teaching and learning provided by the University. It is expected that at least once a day students will check MyLO.

Student Feedback via eVALUate

At the conclusion of each unit, students will be asked to provide online responses to a number of matters relating to the learning and teaching within that unit. All students are asked to respond honestly to these questions, as all information received is used to enhance the delivery of future offerings.

Details of Teaching Arrangements

Lectures Lectures are held weekly, on the Hobart campus only, beginning in week 1 (see below for details):

Wednesdays 12:00pm to 1:50pm in Physics Lecture Theatre 3 (SB.Physics315.LT3)

Lecture notes will be loaded up on MyLO in advance. Students are expected to download, print out and bring the lecture notes to every lecture. Please note that lecture notes are incomplete, for example, spaces will be left as students are expected to draw important diagrams by yourselves and/or solutions for example questions. By filling in these spaces during the lectures, you will consolidate your understanding of the concepts we discuss. All lectures will be recorded and uploaded to MyLO.

However, students who have missed lectures generally do not gain a full understanding of topics covered and may not be able to answer questions on topics in assessment adequately or to the best of their ability.

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Tutorials Hobart Students:

The tutorials will be held weekly, beginning in week 2 (see below for details). Students need to sign up on MyLO for either of the two tutorial sessions conducted by Mr. Nick Ham:

Wednesday 5:00pm to 6:00pm in TEAL PC lab, Centenary Building

Thursday 2:00pm to 3:00 pm in TEAL PC lab, Centenary Building

Tutorial problem sets are provided primarily to improve your understanding of the unit’s material and thus prepare you for the final exam and beyond. To benefit most from them, you should come well prepared and should already have attempted the tutorial exercises. Each week you will be given a set of problems prior to the tutorial. You are expected to attempt solving questions from this problem set before the tutorial.

Important note: Attending the tutorials is expected. We will go through the solutions for the problem set questions during the tutorials. Only the answer key will be provided on MyLO.

Communication, Consultation and Appointments Email Correspondence: Students are also expected to check their UTAS email site on a regular basis (at least three times a week). Students submitting requests or queries to staff via email should provide very clearly their: Family name: Preferred name; Student ID; Unit code (i.e. BEA142) and allow teaching staff at least two (2) business days to reply. Staff are not required to respond to emails in which students do not directly identify themselves, which are threatening or offensive, and that come from external (non-UTAS) email accounts. Students are advised not to have their UTAS email forwarded to an external email service (such as Gmail or Hotmail). In the past there have been significant issues where this has occurred, resulting in UTAS being blacklisted by these email providers for a period of up to one month. Consultation and Appointment: All students are able to consult the lecturer on an individual or small group basis during office hours or by appointment. Students experiencing difficulty in the unit are urged to make use of this service early in the semester. Where possible please respect these office and appointment hours and make sure that you have tried to solve problems before seeking individual assistance.

Students may consult with the lecturer during office hours (Wednesday 3:00-3:55am) in Room 412, Level 4, Commerce and Economics Building. Appointments are made to see the lecturer at all other times. To arrange an appointment, email Jing.Tian@utas.edu.au at least 2 days in advance and wait for a response confirming your appointment.

Students may consult with the tutor Nick Ham via email Nicholas.Ham@utas.edu.au.

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Assessment

Assessment Schedule In order to pass this unit you must achieve an overall mark of at least 50 per cent of the total available marks. Details of each assessment item are outlined below.

Assessment Items Due Date Value/Weighting Link to Learning Outcomes

In Tutorial Test Test 1: Tutorial in Week 4

Test 2: Tutorial in Week 9

Test 3: Tutorial in Week 12

15% LO1

Mid-Semester Test

Wednesday 1 April at 12:10pm, Week 6

25% LO1, LO2, LO3

Final Examination June examination period 60% LO1, LO2, LO3

0.15* In-tutorial tests (out of 100) + 0.2* Mid-semester test (out-of 100) + 0.6* Final exam (out-of-100)

Assessment Item 1 – [In-tutorial Tests]

Task Description: In-tutorial tests contain 1 problem solving question based on the tutorial material in the previous week.

Task Length 15 minutes per test

Assessment Criteria: A1.1, A1.2, A1.3, A1.4.

Link to Unit’s Learning Outcomes:

LO1

Due Date: T1: Week 4 based on tutorial material in week 3 T2: Week 9 based on tutorial material in week 8 T3: Week 12 based on tutorial material in week 11

Value: Total 15%

Assessment Item 2 – [Mid-semester Test]

Task Description: Mid-semester test contains multiple choice and problem solving questions.

Task Length One hour

Assessment Criteria: A1.1, A1.2, A1.3, A1.4, A2.1, A2.2, A2.3, A2.4, A3.1, A3.2, A3.3

Link to Unit’s LO1, LO2, LO3

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Learning Outcomes:

Due Date: Wednesday 1 April at 12:10pm, Week 6 in Lecture

Value: 25%

Assessment Item 3 – [Final Exam]

Task Description: Final Exam contains problem solving questions

Task Length Two hours

Assessment Criteria: All: A1.1, A1.2, A1.3, A1.4, A2.1, A2.2, A2.3, A2.4, A3.1, A3.2, A3.3

Link to Unit’s

Learning Outcomes:

All: LO1, LO2, LO3

Due Date: Scheduled examination period

Value: 60%

Your final examination for this unit will be held during the scheduled examination period as indicated by Student Administration in correspondence to you. Examinations will normally be scheduled Monday to Saturday inclusive. Examinations may be held during the day or evening and students should consult the university information which will be made available towards the end of semester. You are advised to make any necessary arrangements with employers now for time off during the examination period to sit this examination. Your participation at the scheduled time is not negotiable unless there are exceptional circumstances. Note that you will be expected to sit the examination at your recorded study centre. To find out more go to the Exams Office website: http://www.utas.edu.au/exams/home .

How Your Final Result Is Determined. To pass this unit you must achieve an overall mark of at least 50 percent of the total available marks.

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Late Assessment and Extension Policy In this Policy

1. (a) ‘day’ or ‘days’ includes all calendar days, including weekends and public holidays; (b) ‘late’ means after the due date and time; and (c) ‘assessment items’ includes all internal non-examination based forms of assessment

2. This Policy applies to all students enrolled in TSBE Units at whatever Campus or geographical location.

3. Students are expected to submit assessment items on or before the due date and time specified in the relevant Unit Outline. The onus is on the student to prove the date and time of submission.

4. Students who have a medical condition or special circumstances may apply for an extension. Requests for extensions should, where possible, be made in writing to the Unit Coordinator on or before the due date. Students will need to provide independent supporting documentation to substantiate their claims.

5. Late submission of assessment items will incur a penalty of 10% of the total marks possible for that piece of assessment for each day the assessment item is late unless an extension had been granted on or before the relevant due date.

6. Assessment items submitted more than five (5) days late will not be accepted.

7. Academic staff do NOT have the discretion to waive a late penalty, subject to clause 4 above.

Academic Referencing and Style Guide In your written work you will need to support your ideas by referring to scholarly literature, works of art and/or inventions. It is important that you understand how to correctly refer to the work of others and maintain academic integrity.

Failure to appropriately acknowledge the ideas of others constitutes academic dishonesty (plagiarism), a matter considered by the University of Tasmania as a serious offence.

The appropriate referencing style for this unit is: the Harvard style. For information on presentation of assignments, including referencing styles: http://utas.libguides.com/referencing

Review of Assessment and Results

Review of Internal Assessment It is expected that students will adhere to the following policy for a review of any piece of continuous/internal assessment. The term continuous/internal assessment includes any assessment task undertaken across the teaching phase of any unit (such as an assignment, a tutorial presentation, and online discussion, and the like), as well as any capstone assignment or take-home exam. Within five (5) days of release of the assessment result a student may request a meeting with the assessor for the purpose of an informal review of the result (in accordance with Academic Assessment Rule No. 2 Clause 22 – www.utas.edu.au/university-council/university-governance/rules). During the meeting, the student should be prepared to discuss specifically the marks for the section(s) of the marking criteria they are disputing and why they consider their mark(s) is/are incorrect. The assessor will provide a response to the request for review within five (5) days of the meeting.

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If the student is dissatisfied with the response they may request a formal review of assessment by the Head of School, with the request being lodged within five (5) days of the informal review being completed. A Review of Internal Assessment Form must be submitted with the formal review (http://www.studentcentre.utas.edu.au/examinations_and_results/forms_files/review_of_assessment.pdf).

Review of Final Exam/Result In units with an invigilated exam students may request a review of their final exam result. You may request to see your exam script after results have been released by completing the Access to Exam Script Form, which is available from the TSBE Office, or at the following link – http://www.utas.edu.au/business-and-economics/student-resources. Your unit coordinator will then contact you by email within five (5) working days of receipt of this form to go through your exam script. Should you require a review of your final result a formal request must be made only after completing the review of exam script process list above. To comply with UTAS policy, this request must be made within ten (10) days from the release of the final results (in accordance with Academic Assessment Rule No. 2 Clause 22 – www.utas.edu.au/university-council/university-governance/rules). You will need to complete an Application for Review of Assessment Form, which can be accessed from www.studentcentre.utas.edu/examinations_an_results/forms_files/ review_of_assessment.pdf. Note that if you have passed the unit you will be required to pay $50 for this review. The TSBE reserves the right to refuse a student request to review final examination scripts should this process not be followed.

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Further Support and Assistance

If you are experiencing difficulties with your studies or assessment items, have personal or life-planning issues, disability or illness which may affect your study then you are advised to raise these with your lecturer or tutor in the first instance. If you do not feel comfortable contacting one of these people, or you have had discussions with them and are not satisfied, then you are encouraged to contact the Director of Undergraduate Programs:

Name: David Kronenberg Room: 407, Commerce Building, Sandy Bay Phone: 6226 2280 Email: david.kronenberg@utas.edu.au

Students are also encouraged to contact their Undergraduate Student Adviser who will be able to help in identifying the issues that need to be addressed, give general advice, assist by liaising with academic staff, as well as referring students to any relevant University-wide support services. Please refer to the Student Adviser listings at www.utas.edu.au/first-year/student-advisers for your advisers contact details. There is also a range of University-wide support services available to students, including Student Centre Administration, Careers and Employment, Disability Services, International and Migrant Support, and Student Learning and Academic Support. Please refer to the Current Students website (available from www.utas.edu.au/students) for further information. If you wish to pursue any matters further then a Student Advocate may be able to assist. Information about the advocates can be accessed from www.utas.edu.au/governance-legal/students-complaints . The University also has formal policies, and you can find out details about these policies from the following link – www.utas.edu.au/governance-legal/student-complaints/how-to-resolve-a-student-complaint/self-help-checklist.

Academic Misconduct and Plagiarism

Academic misconduct includes cheating, plagiarism, allowing another student to copy work for an assignment or an examination, and any other conduct by which a student: (a) seeks to gain, for themselves or for any other person, any academic advantage or advancement

to which they or that other person are not entitled; or (b) improperly disadvantages any other student.

Students engaging in any form of academic misconduct may be dealt with under the Ordinance of Student Discipline. This can include imposition of penalties that range from a deduction/cancellation of marks to exclusion from a unit or the University. Details of penalties that can be imposed are available in the Ordinance of Student Discipline – Part 3 Academic Misconduct, see http://www.utas.edu.au/universitycouncil/legislation/.

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Plagiarism is a form of cheating. It is taking and using someone else’s thoughts, writings or inventions and representing them as your own, for example:

using an author’s words without putting them in quotation marks and citing the source;

using an author’s ideas without proper acknowledgment and citation; or

copying another student’s work. It also means using ones’ own work from previously submitted assessment items if repeating a unit. If you have any doubts about how to refer to the work of others in your assignments, please consult your lecturer or tutor for relevant referencing guidelines, and the academic integrity resources on the web at http://www.academicintegrity.utas.edu.au/ The intentional copying of someone else’s work as one’s own is a serious offence punishable by penalties that may range from a fine or deduction/cancellation of marks and, in the most serious of cases, to exclusion from a unit, a course, or the University. The University and any persons authorised by the University may submit your assessable works to a plagiarism checking service, to obtain a report on possible instances of plagiarism. Assessable works may also be included in a reference database. It is a condition of this arrangement that the original author’s permission is required before a work within the database can be viewed. For further information on this statement and general referencing guidelines, see http://www.utas.edu.au/plagiarism/ or follow the link under ‘Policy, Procedures and Feedback’ on the Current Students homepage.

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Study Schedule

Please note that this schedule is tentative and the topics for each week might need to be adjusted according to our progress.

Week Start of Week Text Chapter

Topic Due Dates

1 Monday 23 February

J: Ch 1 Unit administration Review of Algebra and Equations

2 Monday 2 March

J: Ch 1 Graphs Simultaneous Equations

3 Monday 9 March

J: Ch 1, Ch 2 Supply and Demand Analysis Quadratic Functions

4 Monday 16 March

J: Ch2 Revenue, Cost and Profit Indices

In-Tutorial test 1

5 Monday 23 March

J: Ch4 The Derivative of a Function Rules of Differentiation

6a Monday 30 March

Mid-Semester Test Mid-Semester Test on 1 April at 12:10pm in LT3 Physics

Mid-semester break: Thursday 2 – Wednesday 8 April inclusive

6b

Classes resume

Thursday 9 April

7 Monday 13 April

J: Ch4 Elasticity

review the mid-semester test in tutorials

8 Monday 20 April

J: Ch5 Optimization of Economic Functions

9 Monday 27 April

J: Ch5 Functions of Several Variables Partial Elasticity and Marginal Functions

In-Tutorial Test 2

10

Monday 4 May J: Ch6 Unconstrained Optimization

11

Monday 11 May J: Ch6 Constrained Optimization

12

Monday 18 May J: Ch7 Matrices In-Tutorial Test 3

13

Monday 25 May Review

Examination Period: 6 – 23 June 2014